Miracle Mile double play: Terranova pays $8M for two Coral Gables retail sites

Stephen Bittel’s commercial real estate firm paid $711 psf for the buildings built in 1942 and 1946

Stephen Bittel, Founder and Chairman, Terranova Corporation (Terranova Corporation, iStock)
Stephen Bittel, Founder and Chairman, Terranova Corporation (Terranova Corporation, iStock)

Stephen Bittel’s commercial real estate firm made a double play in Coral Gables, acquiring two Miracle Mile storefronts for $7.8 million.

An entity tied to Miami Beach-based Terranova Corporation bought the retail sites at 232 Coral Way and 330 Miracle Mile, records show. The seller is Will of Mildred W Brown, LLC.

In a statement, Bittel said the firm now owns 14 buildings on Miracle Mile, which was the focus of a $21 million streetscape makeover by the city of Coral Gables. Bittel is Terranova’s CEO.

The 1,861-square-foot single-tenant space at 232 Coral Way was built in 1942, and the 9,099-square-foot store at 330 Coral Way was completed in 1946, according to records. The Terranova affiliate paid roughly $711 a square foot.

The smaller building is leased to Kaia, a Greek and Mediterranean restaurant that is opening soon, Bittel said. The larger building is currently leasing one space to Gabriella Arango Couture and has two more spaces available for rent to restaurant or retail tenants, he added.

Terranova is bullish on Miracle Mile because “the city’s real estate market is strong and positioned for continued growth,” Bittel said.

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In July, Terranova paid $6 million for a corner single-story building at 300 Miracle Mile that previously housed California Pizza Kitchen. The firm also owns properties at 308, 348 and 360 Miracle Mile.

At 230 Miracle Mile, the company is planning a mixed-use project with a 120-key hotel.

Terranova has nearly $1 billion in commercial real estate assets between the company and its partners, according to its website.

In February, the firm and its partner, Terra, flipped a nearly 24-acre development site in Doral to logistics real estate investment firm GLP Capital Partners for $55 million. The partnership sold the industrial property for $15 million above its $40 million purchase price in 2018.

In April, Terranova won a lawsuit against Regal Cinemas for $807,118 owed in unpaid rent at the company’s Shadowood Square retail complex in Boca Raton.